Tullow Oil

05 Dec

London Court Set To Decide On GRA’s $400M Tax Dispute With Tullow Oil

Wontumi10 CommentsBusinessGRA, Tax dispute, Tullow Oil

Tullow Oil has provided an update in its Trading Report released on November 29, 2024, revealing that the International Arbitration Court in London is preparing to deliver its decision on the tax dispute with the Ghana Revenue Authority (GRA). The case centres around a $400 million tax assessment, and a verdict is expected by the close of the year after both parties presented their arguments. In the report, Tullow Oil confirmed that a hearing took place in October 2023, with the court’s decision anticipated before the year’s end. Tullow’s CEO, Rahul Dhir, discussed the potential consequences of the court’s ruling earlier this…

10 Aug

Boost For Tullow Oil In Chase For High-Return Production Assets In Africa

Wontumi2BusinessRahul Dhir, Tullow Oil

Africa-focused independent Tullow Oil has received approval from Gabon's government for the extension of several of its licences until 2046, which boosts its resource base in the country. Tullow on Wednesday confirmed the licence extensions increase the value of its resource base through the addition of around 5 million barrels of net 2P — proven and probable — reserves that will deliver approximately 100% 2P reserves replacement in Gabon this year. “This activity is in line with the group’s strategy to focus on its high-return production assets in Africa and unlock value through optimisation of its non-operated portfolio,” said the…